Payments legislative package

On 24 July 2013, the Commission adopted a legislative package in the field of the EU payments framework. This package which proposes a revised Payments Services Directive (PSD2) and a Regulation on Multilateral Interchange Fees (MIFs) will help the payments framework to better serve the needs of an effective European payments market, fully contributing to a payments environment which nurtures competition, innovation and security to the benefits of all stakeholders and consumers in particular. Modernisation of the legislative framework for retail payments was also defined as one of the key actions of the Commission Single Market Act II and is inter alia a response to the Commission’s Green Paper “Towards an integrated European market for card, internet and mobile payments” of 2012.